4 more MD-11's for UPS??
06-13-2008, 08:07 AM
#1
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4 more MD-11's for UPS??
Someone posted on the B&G that we just purchased four more MD's from Transmile Air Cargo... Never heard of the company, and thought we were done with the-11's. Anyone know anything bout this?
06-13-2008, 08:22 AM
#2
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Transmile does have four MD-11's on their property. They are a cargo carrier out of Kula Lampur. Went to their web site and nothing posted about this. Hopefully we are getting them and hiring folks to fly them. If we do get them, that would put us a 42 MD's.
06-13-2008, 08:25 AM
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Originally Posted by Rocket Bob
Someone posted on the B&G that we just purchased four more MD's from Transmile Air Cargo... Never heard of the company, and thought we were done with the-11's. Anyone know anything bout this?
06-13-2008, 09:59 AM
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Originally Posted by Rocket Bob
Someone posted on the B&G that we just purchased four more MD's from Transmile Air Cargo... Never heard of the company, and thought we were done with the-11's. Anyone know anything bout this?
This article was printed from www.theedgedaily.com.
Article's URL: http://www.theedgedaily.com/cms/content.jsp?id=com.tms.cms.article.Article_9803e87 0-cb73c03a-18bbf550-81cf4f55,
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21-05-2008: Transmile unit defaults on debt
by Cindy Yeap
Email us your feedback at [email protected]
KUALA LUMPUR: Transmile Group Bhd yesterday said its wholly-owned unit has defaulted in US$65.6 million (RM213.2 million) payments for its convertible debt papers, and is currently seeking indulgence from its lenders to not demand an immediate repayment of all its debt totalling RM530 million.
In a statement yesterday, Transmile said it was still in negotiation with lenders to defer the outstanding payments by 18 months from their respective due dates. It is also asking lenders to waive a cross default event, which if not granted, would mean it needs to immediately repay all its debt of RM530 million.
Transmile said it was looking to dispose of its four MD-11 aircraft to raise cash to repay its outstanding debts, which were raised to purchase the aircraft in the first place. It has insufficient cash flow as its aircraft are under utilised.
“The decision from lenders on the indulgence sought is still pending. None of the lenders has called for an event of default,” it said.
The default has not come as a surprise as Transmile had last month said it was seeking the forbearance of its lenders to defer its loan obligations by 18 months from the respective deadlines.
The Edge Financial Daily on April 29 reported that Transmile had needed to come up with the said sum of US$65.6 million by May 17 as all the bondholders of its 1% guaranteed convertible bonds had exercised their put option on April 25.
Transmile said TGB (SPV) Ltd was not considered a major subsidiary as the latter’s total assets of RM351.1 million was substantially made up of inter-company loans to Transmile, which are eliminated upon consolidation.
However, Transmile is a guarantor for the defaulted debt papers. Still, Transmile’s board yesterday said the company “will be able to pay all the debt that are becoming due and payable in the next 12 months” and declared that it is “still solvent”. Transmile shares fell seven sen or 4.7% to RM1.42 yesterday. The stock had in the past seven weeks lost 41% of its value, having given up 98 sen of its value from its recent high of RM2.40 on March 27.
06-13-2008, 10:06 AM
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Originally Posted by Rocket Bob
Someone posted on the B&G that we just purchased four more MD's from Transmile Air Cargo... Never heard of the company, and thought we were done with the-11's. Anyone know anything bout this?
06-14-2008, 01:33 PM
#9
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This info is a bit dated, but....
from:
http://md-eleven.net/Operators-Freighter
Transmile Air Services are a new MD11 operator, only recently getting their first aircraft. They have 4 MD11F's on order, all of which are ex passenger examples being converted and all are now delivered. They are based in Kuala Lumpur at the old international airport at Subang (SZB) and have recently obatined traffic rights for flying to the USA.
9M-TGP cn 48444, 9M-TGR cn 48485
9M-TGQ cn 48446, 9M-TGS cn 48486
9M-TGP cn 48444, 9M-TGR cn 48485
9M-TGQ cn 48446, 9M-TGS cn 48486
from:
http://md-eleven.net/Operators-Freighter
